SBA COMMUNICATIONS CORP
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SBAC Q1 2026 request
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Income Statement
| Metric | Q1 2026 | Q1 2025 | YoY |
|---|---|---|---|
| Operating Lease Lease Income | 656,149 | 616,209 | +6.5% |
| Revenue | 47,289 | 48,039 | -1.6% |
| Revenue | 703,438 | 664,248 | +5.9% |
Show Business Segments breakouts |
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| Domestic Site Leasing [Member] | 450,301 | 460,994 | -2.3% |
| International Site Leasing [Member] | 205,848 | 155,215 | +32.6% |
| International Site Leasing [Member] · BR | 88.9 | 85 | +4.6% |
| Site Development [Member] | 47,289 | 48,039 | -1.6% |
| Cost Of Goods Sold Direct Operating Lease | 131,912 | 115,478 | +14.2% |
| Cost of Revenue | 39,424 | 38,188 | +3.2% |
| Selling, General & Administrative | 70,548 | 66,219 | +6.5% |
Show Business Segments breakouts |
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| All Other Segments | 17,303 | 14,573 | +18.7% |
| Domestic Site Leasing [Member] | 31,357 | 31,007 | +1.1% |
| International Site Leasing [Member] | 18,309 | 17,424 | +5.1% |
| Site Development [Member] | 3,579 | 3,215 | +11.3% |
| Business Combination Acquisition Related Costs And Adjusments | 8,090 | 7,379 | +9.6% |
Show Business Segments breakouts |
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| Domestic Site Leasing [Member] | 5,530 | 5,861 | -5.6% |
| International Site Leasing [Member] | 2,560 | 1,518 | +68.6% |
| Asset Impairment And Decommission Costs | 29,300 | 37,026 | -20.9% |
Show Business Segments breakouts |
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| Domestic Site Leasing [Member] | 26,971 | 15,164 | +77.9% |
| International Site Leasing [Member] | 2,131 | 21,318 | -90.0% |
| Site Development [Member] | 198 | — | — |
| Depreciation Amortization And Accretion Net | 81,316 | 65,048 | +25.0% |
Show Business Segments breakouts |
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| All Other Segments | 1,641 | 1,924 | -14.7% |
| Domestic Site Leasing [Member] | 37,618 | 36,744 | +2.4% |
| International Site Leasing [Member] | 41,154 | 25,523 | +61.2% |
| Site Development [Member] | 903 | 857 | +5.4% |
| Total Costs & Expenses | 360,590 | 329,338 | +9.5% |
| Operating Income | 342,848 | 334,910 | +2.4% |
Show Business Segments breakouts |
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| All Other Segments | -18,944 | -17,041 | -11.2% |
| Domestic Site Leasing [Member] | 278,204 | 303,946 | -8.5% |
| International Site Leasing [Member] | 80,403 | 42,226 | +90.4% |
| Site Development [Member] | 3,185 | 5,779 | -44.9% |
| Interest Income | 5,207 | 10,780 | -51.7% |
| Investment Income Investment Expense | -128,529 | -104,148 | -23.4% |
| Paid In Kind Interest | -772 | -8,348 | +90.8% |
| Amortization of Financing Costs | -5,259 | -5,434 | +3.2% |
| Other Non-Operating Income (Expense) | 22,519 | 32,165 | -30.0% |
| Non-Operating Income (Expense) | -106,834 | -74,985 | -42.5% |
Show Business Segments breakouts |
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| All Other Segments | -106,834 | -74,985 | -42.5% |
| Income Before Taxes | 236,014 | 259,925 | -9.2% |
| Income Tax Expense (Benefit) | -51,112 | -42,019 | -21.6% |
| Net Income | 184,902 | 217,906 | -15.1% |
| Net Income Loss Attributable To Noncontrolling Interest | -72 | 2,826 | -102.5% |
| Net Income | 184,830 | 220,732 | -16.3% |
Show Equity Components breakouts |
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| Retained Earnings | 184,830 | 220,732 | -16.3% |
| EPS (Basic) | 1.75 | 2.05 | -14.6% |
| EPS (Diluted) | 1.74 | 2.04 | -14.7% |
| Wtd Avg Shares (Basic) | 105,815 | 107,744 | -1.8% |
| Wtd Avg Shares (Diluted) | 106,111 | 108,140 | -1.9% |
| Cost of Revenue | 171,336 | 153,666 | +11.5% |
Show Business Segments breakouts |
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| Domestic Site Leasing [Member] | 70,621 | 68,272 | +3.4% |
| International Site Leasing [Member] | 61,291 | 47,206 | +29.8% |
| Site Development [Member] | 39,424 | 38,188 | +3.2% |
| Gross Profit | 532,102 | 510,582 | +4.2% |
Show Business Segments breakouts |
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| Domestic Site Leasing [Member] | 379,680 | 392,722 | -3.3% |
| International Site Leasing [Member] | 144,557 | 108,009 | +33.8% |
| Site Development [Member] | 7,865 | 9,851 | -20.2% |
| Comprehensive Income | 212,195 | 244,395 | -13.2% |
Balance Sheet
| Metric | Q1 2026 | Q1 2025 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 269,064 | 636,447 | -57.7% |
| Restricted Cash And Cash Equivalents At Carrying Value | 58,773 | 23,168 | +153.7% |
Show Restricted Cash And Cash Equivalents Cash And Cash Equivalents breakouts |
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| Payment, Performance Bonds, and Other [Member] | 47,885 | 8,890 | +438.6% |
| Securitization Escrow Accounts [Member] | 10,888 | 14,278 | -23.7% |
| Accounts Receivable | 161,474 | 129,847 | +24.4% |
| Contract With Customer Asset Net Current | 23,326 | 26,840 | -13.1% |
| Prepaid Expenses & Other Current Assets | 254,856 | 117,014 | +117.8% |
| Total Current Assets | 767,493 | 933,316 | -17.8% |
| Short-Term Investments | 112.1 | 65.7 | +70.6% |
| Non-Current Assets | |||
| Property, Plant & Equipment | 3,415,936 | 2,818,907 | +21.2% |
| Intangible Assets | 2,880,040 | 2,403,046 | +19.8% |
Show Finite Lived Intangible Assets By Major Class breakouts |
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| Current Contract Intangibles [Member] | 2,256,646 | 1,834,614 | +23.0% |
| Network Location Intangibles [Member] | 623,394 | 568,432 | +9.7% |
| Operating Lease Right-of-Use Assets | 2,678,715 | 2,340,100 | +14.5% |
| Other Non-Current Assets | 646,207 | 618,341 | +4.5% |
| Total Assets | 11,720,844 | 10,442,917 | +12.2% |
Show Business Segments breakouts |
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| All Other Segments | 223,032 | 523,043 | -57.4% |
| Domestic Site Leasing [Member] | 6,198,460 | 6,224,701 | -0.4% |
| International Site Leasing [Member] | 5,221,248 | 3,619,615 | +44.2% |
| Site Development [Member] | 78,104 | 75,558 | +3.4% |
| Long Term Investments | 21.7 | 18.1 | +19.9% |
| Other Assets | |||
| Acquired And Other Right Of Use Assets Net | 1,332,453 | 1,329,207 | +0.2% |
| Current Liabilities | |||
| Accounts Payable | 63,549 | 65,043 | -2.3% |
| Accrued Liabilities | 85,444 | 74,746 | +14.3% |
| Current Portion of Long-Term Debt | 2,683,531 | 771,802 | +247.7% |
| Deferred Revenue | 103,650 | 110,369 | -6.1% |
| Interest Payable Current | 38,753 | 34,699 | +11.7% |
| Lease Liability Current | 304,960 | 267,544 | +14.0% |
| Other Liabilities Current | 65,803 | 18,813 | +249.8% |
| Total Current Liabilities | 3,345,690 | 1,343,016 | +149.1% |
| Deferred Revenue (Current) | -5,659 | -3,468 | -63.2% |
| Non-Current Liabilities | |||
| Long-Term Debt | 10,276,200 | 11,654,372 | -11.8% |
| Lease Liability Noncurrent | 2,151,367 | 1,947,414 | +10.5% |
| Other Non-Current Liabilities | 613,488 | 406,214 | +51.0% |
| Liabilities Noncurrent | 13,041,055 | 14,008,000 | -6.9% |
| Long-Term Debt | 12,959,731 | 12,426,174 | +4.3% |
Show Debt Instrument breakouts |
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| 2020 Senior Notes [Member] | 1,497,061 | 1,493,827 | +0.2% |
| 2020-2C Tower Securities [Member] | 598,371 | 597,490 | +0.1% |
| 2021 Senior Notes [Member] | 1,494,312 | 1,492,425 | +0.1% |
| 2021-1C Tower Securities [Member] | 1,163,470 | 1,161,037 | +0.2% |
| 2021-2C Tower Securities [Member] | 893,127 | 891,338 | +0.2% |
| 2021-3C Tower Securities [Member] | 889,412 | 888,487 | +0.1% |
| 2022-1C Tower Securities [Member] | 845,908 | 843,821 | +0.2% |
| 2024 Term Loan [Member] | 2,235,443 | 2,255,225 | -0.9% |
| 2024-1C Tower Securities [Member] | 1,440,558 | 1,438,360 | +0.2% |
| 2024-2C Tower Securities [Member] | 617,069 | 615,362 | +0.3% |
Show Credit Facility breakouts |
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| Revolving Credit Facility | 1,285,000 | — | — |
| Other Liabilities | |||
| Redeemable Noncontrolling Interest Equity Carrying Amount | 85,744 | 62,604 | +37.0% |
| Stockholders' Equity | |||
| Common Stock | 1,061 | 1,080 | -1.8% |
| Additional Paid-In Capital | 3,084,883 | 2,991,050 | +3.1% |
| Retained Earnings | -7,200,856 | -7,226,216 | +0.4% |
| Accumulated Other Comprehensive Income | -636,733 | -736,617 | +13.6% |
| Total Stockholders' Equity | -4,751,645 | -4,970,703 | +4.4% |
Show Equity Components breakouts |
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| Accumulated Other Comprehensive Income | -636,733 | -736,617 | +13.6% |
| Additional Paid In Capital | 3,084,883 | 2,991,050 | +3.1% |
| Common Stock · Common Class A | 1,061 | 1,080 | -1.8% |
| Retained Earnings | -7,200,856 | -7,226,216 | +0.4% |
| Total Liabilities & Equity | 11,720,844 | 10,442,917 | +12.2% |
Cash Flow Statement
| Metric | YTD Q1 2026 | YTD Q1 2025 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Foreign Currency Transaction Gain Loss Before Tax | -16,260 | -54,641 | +70.2% |
| Stock-Based Compensation | 18,936 | 15,713 | +20.5% |
| Noncash Asset Impairment And Decommission Costs | 26,934 | 35,726 | -24.6% |
| Deferred Income Taxes | 25,445 | 35,682 | -28.7% |
| Gain Loss On Disposition Of Assets1 | 38 | 18,785 | -99.8% |
| Other Non-Cash Items | 13,957 | 19,998 | -30.2% |
| Increase Decrease In Accounts And Other Receivables | 15,958 | 10,399 | +53.5% |
| Change in Prepaid & Other Assets | -740 | -4,642 | +84.1% |
| Increase Decrease In Operating Lease Right Of Use Asset | 39,053 | 33,080 | +18.1% |
| Increase Decrease In Accounts Payable And Accrued Liabilities | -13,056 | -8,537 | -52.9% |
| Increase Decrease In Accrued Interest Receivable Net | -25,701 | -26,941 | +4.6% |
| Increase Decrease In Long Term Lease Liability | -35,053 | -32,787 | -6.9% |
| Increase Decrease In Other Operating Liabilities | -60,644 | -23,614 | -156.8% |
| Net Cash from Operations | 255,085 | 301,175 | -15.3% |
| Investing Activities | |||
| Payments To Acquire Businesses Net Of Cash Acquired | -143,496 | -63,388 | -126.4% |
| Capital Expenditures | -48,397 | -46,173 | -4.8% |
| Payments To Acquire Investments | -725,129 | -228,376 | -217.5% |
| Proceeds From Sale Maturity And Collections Of Investments | 618,000 | 415,840 | +48.6% |
| Proceeds From Divestiture Of Businesses | 2,176 | 40,428 | -94.6% |
| Other Investing Activities | 75 | 4,935 | -98.5% |
| Net Cash from Investing | -296,771 | 238,266 | -224.6% |
| Right Of Use Asset Obtained In Exchange For Operating Lease Liability | 11,428 | 28,098 | -59.3% |
| Operating Lease Modifications And Reassessments | 51,433 | 31,417 | +63.7% |
| Right Of Use Asset Obtained In Exchange For Finance Lease Liability | 338 | 879 | -61.5% |
| Financing Activities | |||
| Proceeds From Long Term Lines Of Credit | 900,000 | — | — |
| Repayments Of Long Term Lines Of Credit | -90,000 | — | — |
Show Credit Facility breakouts |
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| Revolving Credit Facility | -90,000 | — | — |
| Repayments Of Senior Debt | -5,750 | -5,750 | 0.0% |
| Repayments Of Secured Debt | -750,000 | -1,165,000 | +35.6% |
Show Debt Instrument breakouts |
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| 2020-2C Tower Securities [Member] | -750 | — | — |
| Payments Of Dividends | -135,195 | -122,275 | -10.6% |
| Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options | 34,017 | 36,002 | -5.5% |
| Payment Stock Option Net Share Settlements | -19,615 | -24,288 | +19.2% |
| Proceeds From Payments For Other Financing Activities | -3,071 | -824 | -272.7% |
| Net Cash from Financing | -69,614 | -1,282,135 | +94.6% |
| Supplemental | |||
| Interest Paid | 155,285 | 132,221 | +17.4% |
| Income Taxes Paid | 44,730 | 7,452 | +500.2% |
| Other Cash Flow | |||
| Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 6,791 | 6,143 | +10.5% |
| Net Change in Cash | -104,509 | -736,551 | +85.8% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 332,512 | 664,106 | -49.9% |
Values in thousands USD. Source: SEC EDGAR 10-Q filing.